London stocks open lower as commodity stocks drag, Tesco up on forecast lift
04/10/2023 08:20
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FTSE 100 down 0.4%, FTSE 250 off 0.6%
Oct 4 (Reuters) - UK shares slipped on Wednesday, hurt
by a sell-off in mining stocks as prices of most metals
continued to fall, while retailer Tesco gained following an
upbeat profit forecast.
The blue-chip index FTSE 100 .FTSE lost 0.4% by 0705 GMT,
while the mid-cap FTSE 250 .FTMC was down by 0.6%.
Industrial metal miners .FTNMX551020 slipped 0.9%, while
precious metal miners .FTNMX551030 shed 1.6%, tracking prices
of metals, including copper and gold. MET/L GOL/
Tesco's TSCO.L shares rose 1.3% after the country's
biggest retailer raised its annual profit forecast and signalled
that food inflation would continue to fall.
Fashion retailer Superdry SDRY.L soared more than 17% on
news that it would sell its intellectual property assets in
South Asia to Reliance Retail
BP BP.L fell 0.4% after sources told Reuters the oil major
is exploring the sale of a 49% stake in its U.S. oil and gas
pipeline network in the Gulf of Mexico for as much as $1
billion.
Shares of Spirent Communications SPT.L fell 27.6% after
the telecoms testing services provider warned of lower annual
profit.
Investors are awaiting readings on UK services sector
activity in September, due at 0830 GMT, for clues on the health
of the economy.
(Reporting by Khushi Singh in Bengaluru; Editing by Sohini
Goswami)
((Khushi.Singh@thomsonreuters.com;))
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